Hong Kong, China’s industrial production growth rate fell to 2.0% year-on-year (y-o-y) in 2Q11 from 3.5% in 1Q11, due mainly to a decline in the output of textiles and apparels. Textile production fell 13.5% y-o-y while apparel fell 9.6%. In Japan, the Ministry of Economy, Trade, and Industry revised its July production index downward to -3.0% y-o-y from a preliminary figure of -2.8%.

*In the Philippines, merchandise exports shrank for a third consecutive month in July- by 1.7% y-o-y to USD4.4 billion-as the global slowdown curbed demand for electronic products. Meanwhile on a month-on-month basis, exports grew 7.3%. Singapore’s non-oil domestic exports grew 5.1% y-o-y in August after posting a 2.8% decline in July.

*In the Republic of Korea, the combined net income of 62 securities companies jumped 74.7% y-o-y to KRW793.2 billion in the first quarter of fiscal year 2011 (April-June). Their return on equity for the quarter increased to 2.1% from 1.3% in the same period last year. According to the Financial Supervisory Service (FSS), the increase was brought about by a 12.4% y-o-y increase in commissions revenue, which reached KRW2.2 trillion for the quarter, as well as a 58.3% y-o-y rise in the income from proprietary trading, which amounted to KRW1.1 trillion.

*Growth in overseas foreign worker remittances to the Philippines eased to 6.1% y-o-y in July-for a total of USD1.7 billion for the month-from 7.0% growth in June. Meanwhile, in the first 7 months of the year remittances rose 6.3% y-o-y for a total of USD11.4 billion. Remittances from land-based and sea-based workers grew 4.3% and 14.1% y-o-y, respectively.

*China National Petroleum Corp. (CNPC) and China Railway 16th Bureau Group announced that they plan to issue commercial paper with a maturity of 1-year on the interbank market. China National Petroleum Corp. will issue CNY15.0 billion and China Railway 16th Bureau Group will issue CNY560 million.

*Government bond yields rose for all tenors in Indonesia and Malaysia and rose for most tenors for Korea; Philippines; Singapore and Thailand as risk aversion rises over concerns that Greece may default. Yields fell for most tenors in the PRC; Hong Kong, China and Vietnam. Yields changes were mostly mixed for Japan. Yield spreads between 2- and 10-year tenors narrowed for the PRC and Hong Kong, China but widened for the rest of the Emerging East Asian markets.